HomeMy WebLinkAboutKIN 86 4753 Advanc-Constr AIR
THE CORPORATION OF THE TOWN OF KINCARDINE
BY-LAW NO. 4753
.
A BY-LAW AUTHORIZING THE OBTAINING OF TEMPORARY
ADVANCES TO MEET THE COST OF THE CONSTRUCTION OF THE
KINCARDINE TOWN AND TOWNSHIP AIRPORT PENDING COMPLETION
THEREOF.
WHEREAS The Town of Kincardine and the Township of Kincardine
have been allocated a $1,173,000 grant and a $340,800 grant from
the federal and provincial governments respectively:
AND WHEREAS it is desirable to
advances to meet the cost
completion thereof:
agree with a bank
of the said works
for temporary
pending the
BE IT THEREFORE ENACTED by the Council of The corporation of the
Town of Kincardine as follows:
1. The mayor and treasurer of the said corporation are hereby
authorized to obtain from the Canadian Imperial Bank of
commerce, temporary advances at the prime rate of interest
charged by the said bank represented by a promissory note or
promissory notes or otherwise not exceeding one million,
five hundred and thirteen thousand, eight hundred dollars
(1,513,800) to meet the cost of the said works pending the
completion thereof:
2. A promissory note or notes or other vouchers, sealed with
the Corporate Seal and signed on behalf of The Corporation
of the Town of Kincardine by the mayor and treasurer
thereof, for the advances from time to time obtained under
the authority hereof and interest thereon, may be given to
the said Bank providing for the payment of or representing
the said advances with interest thereon as aforesaid:
3. The treasurer of the said corporation is hereby authorized
and directed to apply the proceeds of the federal and
provincial grants to the repayment of any temporary advances
under this by-law together with any accrued interest.
4.
This by-law shall come
immediately upon passing.
into full
force and effect
READ a FIRST and SECOND time this 7th day of AUGUST, 1986.
~~ .~-----
Mayor
Deputy Clerk
READ a THIRD time and FINALLY PASSED this
1986.
21st day of AU~UST,
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e
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ayor
Ueputy
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